- Founder: Kanav Manchanda and Kshitij Bajaj
- Business: Electric Auto Vehicle
- Ask: ₹1 crore for 1% equity
- Valuation: ₹100 Cr.
- Result: ₹1 lakh for 1% equity and ₹99 lakhs Debt
- Sharks: Ashneer Grover
- Episode: Season 1 Episode 18
Dandera Technologies pvt ltd Shark Tank Pitch:
Dandera Technologies, led by founders Kanav Manchanda and Kshitij Bajaj, made a compelling pitch on Shark Tank about their product, Otua Electric three-wheeler. Otua Electric Bikes is a remarkable three-wheeler vehicle known for its impressive features. Those features include a 165 km range and an impressive carrying capacity of 1 ton, double the industry standard. Powered by the innovative battery, this vehicle boasts consistent performance on Indian roads, irrespective of the conditions. What sets it apart is its versatility, serving as a logistics vehicle, passenger carrier, and even a food truck. During their pitch, the founders sought ₹1 crore in exchange for a 1% equity stake, valuing their company at ₹100 crores.
Founders have invested ₹70 lakh of their own money in this company. The company also just signed an agreement where they sold 49% of the company to another company (Exponents) that has committed a cash infusion of ₹30 crores in Dandera Technologies. The sharks did not like the new company the entrepreneurs partnered with.
Dandhera Technologies – Shark Tank Negotiations:
Namita goes out first as she thinks legacy companies are going to take over this space. Peyush goes out, citing that there are too many decision-makers with the equity structure of the company. Aman follows Peyush and gives the same reason to go out. Anupam goes out because he thinks the valuation is not fair, and the company’s foundation is weak.
Ashneer gives his offer of ₹1 crore for 5%. He comments that he would be able to secure ₹30 crores in investment for the company within a month. That with a condition that founders back out of the Exponents deal. Ashneer thinks that the entrepreneurs made a hasty decision to sell 49% of the company and they need to reverse that decision to make this successful.
The entrepreneurs ask if Ashneer is willing to take on all the debt and take 1% of the company to give them access to everything Ashneer was suggesting. Ashneer counters at ₹1 lakh for 1% equity and ₹99 lakh as debt at 12% interest. The entrepreneurs take a moment to think and come back to accept the offer.
How is Dandera Technologies doing after Shark Tank India?
Our research into the company revealed that the deal with Ashneer Grover never closed, and a further deep dive into the company revealed that the sharks may be right about the way the future of the company was going to pan out. Dandera got a lot of hype after their episode aired, and they launched their three-wheeler OTUA with a 300 km range for ₹3,50,000 INR.
Dandera Technologies has not updated any of their socials since April 2023, and there is no news regarding the company on the internet, which leads us to believe that the company is out of business.
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